Our Pick Of The Best Comprehensive Pet Insurance Policies In Australia

To find the best comprehensive pet insurance policy for Australians, Forbes Advisor compared more than 25 different options available on the market. The most comprehensive offering from each pet insurance provider was compared, in order for readers to understand the most in-depth coverage they could receive from the policies ranked.

To compare each policy, Forbes Advisor looked at 16 key attributes. Included in those key attributes were four specific ‘basics’: the reimbursement rate; how the reimbursements occur (upfront or via a claim); the maximum annual limits on claims; and whether routine cover is included.

These four basics were then ranked in a pointing system, with the highest total rating being 50 points. Points were awarded if routine care was offered, if there was a GapOnly service that allows you to pay the gap rather than the whole cost up front and claim later, if the maximum annual limit was over the industry standard of $15,000 and so on.

While this 50-point ranking of the basic offerings was important for Forbes Advisor’s analysis, it was not the only consideration in choosing the top 10 best pet insurance policies.

Along with considering the company history and general public opinion, including any awards won, the remaining key attributes Forbes Advisor compared were:

• How many levels of cover the pet insurance provider offers;
• If there are any wait periods and, if so, how long they are and what conditions they are for;
• Whether or not dental is covered;
• If the policy has a sub-limit for tick paralysis;
• Whether your pet is still covered if you travel to New Zealand or the Norfolk Islands;
• If there is a choice of excess, as many consumers enjoy this option;
• Any limits on the age of the pets that the policy will insure;
• If the provider will pay for emergency boarding fees, and what the maximum of such cover would be;
• Whether there is a choice to add-on vet bill cover for things such as behavioural treatments or alternative therapies;
• What discount is offered when insuring multiple pets, if there is a discount;
• If there are any other additional bonus features, such as FlyBuys points or discounts on other policies with the same provider; and
• What the average product rating review is of the policy from customers via independent consumer site, ProductReview.

Related: Guide to Dog Vaccinations

About Star Rankings

You will note that we have included a star rating next to each product or provider. This rating was determined by the editorial team once all of the data points above were considered, and the pros and cons of each product attribute was reviewed. The star rating is solely the view of Forbes Advisor editorial staff. Commercial partners or advertisers have no bearing on the star rating or their inclusion on this list. Star ratings are only one factor to be considered, and Forbes encourages you to seek independent advice from an authorised financial adviser in relation to your own financial circumstances and investments before you decide to choose a particular financial product or service.

As humans we have insurance to cover a wide range of priorities: our healthcare, our homes, our cars, our holidays and even our lives.

Pet insurance, is another type of insurance policy taken out in order to protect something we care about dearly: our beloved animals.

By taking out a pet insurance policy, you’re able to receive help to cover unexpected veterinary expenses when your pet gets sick or injured. Most pet insurance policies are targeted towards cats and dogs, however, there are pet insurance policies for ‘exotic’ pets, such as rabbits or birds.

As with other types of insurance, pet insurance works by paying a monthly or yearly premium to an insurance provider. If unexpected veterinary expenses arise, and your policy covers such events, you’ll then be able to make a claim with your provider instead of being 100% out of pocket.

The Importance of Pet Insurance in Australia

In Australia, dogs are the most popular pet. Research shows almost half of Australian households have at least one dog, and a third of all households have at least one cat. Add in other animals to the mix, such as birds, rabbits, turtles and guinea pigs, and it’s clear that Australians love their pets. But that love does not come cheap.

Nicole Rous, director of Mont Albert Vet, tells Forbes Advisor that without pet insurance, veterinary treatments for accidents or illnesses can cost anywhere between $500 to $10,000–with even minor surgeries costing more than $2000.

But it’s not just surgeries that can burn a hole in your pocket. “An average GP visit would be over $200 these days,” Rous explains, as a consult could be $95 plus the necessary medication following the appointment. So while it’s not a requirement to have pet insurance in Australia, and while vets won’t refuse treatment without insurance as long as the owners are happy to pay the bill, pet insurance is still a “no brainer” to Rous.

You don’t want to have to say goodbye because you can’t afford life saving surgery, Rous says.

Plus, Rous adds, budgeting a set amount each month towards your pet insurance premium and then not having to deal with bill shock when the need for a procedure arises is much easier on the pocket, especially as the cost of living increases.

Pet Insurance in the Dog House

Unfortunately, in the past pet insurance has been blighted by a lack of competition, although that has changed in recent years. Nevertheless, the industry remains dogged by reputational issues, namely that it is little more than “junk insurance”, which is how Financial Counselling Australia referred to some parts of the sector in a submission to ASIC in 2019.

As vet bills have risen in line with inflation, so too have pet insurance policies—in some case by as much as 50%. With many insurers refusing to insure pets over the age of nine, especially dogs, many consumers feel locked in to certain policies as they’re unable to shop around once their pet reaches a certain age. Consumers will need to weigh up whether pet insurance is worth the cost in these situations or whether they’re best to pet aside money for their pet’s treatment each month.

On June 29 last year, ASIC instigated 38 interim stop orders for a 24-hour period pertaining to 67 pet policies issued through major insurance underwriter Hollard and its subsidiary PetSure. The corporate regulator was concerned the companies failed to properly consider the ability of the consumer to make up-front payments for vet bills before reimbursement. The stop order affected brands such as Woolworths, RSPCA, Petbarn, Guide Dogs, Medibank, Bupa and HCF. Within 24 hours, the stop orders were lifted after the companies addressed ASIC’s concerns regarding the target market determination of its customers and updated its policies accordingly. You can read ASIC’s original media release in full here.

Related: Pets On Me Insurance Review

The types of pet insurance available on the market varies greatly from provider to provider. However, most commonly, you are able to find the following three types of pet insurance:

• Accident-only insurance: cover for veterinary costs if your pet is in an accident. As this is the minimum level of insurance, it is the cheapest. However, if you keep your pet contained during the day, it may not be necessary or useful.
• Accident and illness insurance: this covers accidents and also if your pet gets sick, however, most insurers won’t cover pre-existing medical conditions as an illness on this policy.
• Comprehensive insurance: the most all-inclusive type of policy, covering your pets for accidents, illnesses, preventative care and more. All comprehensive policies are different, so some may include routine checks such as vaccinations or teeth cleaning, while others may only offer these at an additional cost.

It’s worth noting that not all pet insurance providers will use these terms to decipher between their offerings. Some explain their cover levels on a “basic” or “ultimate” level, while others might rank them dependent on the type of pet–such as for a young dog or an indoor cat.

Additionally, you may already have access to pet insurance and not even realise it. Some home and contents insurance providers offer pet insurance as an optional extra when you already have a policy with them. As with any insurance policy, it’s paramount that you review the PDS carefully–especially as this type of add-on pet insurance may not be as comprehensive as a dedicated policy would be.

Related: How Much Does Pet Insurance Cost?

Like any type of insurance policy, what your pet insurance plan will cover for you will depend on the level of coverage that you choose. Commonly, basic pet insurance policies will cover treatments for tick paralysis; accidents and injuries, including radiology and pathology; prescribed medications; non-elective surgeries; and other necessary care.

More comprehensive plans, however, may also cover more niche–or more expensive–needs, such as dental care; behavioural problems; boarding fees; cover for hereditary conditions; and even routine care, such as regular vet visits.

As recognised through Forbes Advisor’s comparison of Australian pet insurance policies, even policies that advertise themselves as “comprehensive” or “ultimate cover” still do not include all of the above.

This is why no matter what insurance policy you are considering, you must carefully review the PDS to ensure it has all the necessary requirements you are looking for.

Does Pet Insurance Cover Pre-Existing Medical Conditions?

It depends. As with the many other variables between comprehensive pet insurance policies, each provider and policy is different when it comes to the condition of covering pre-existing medical conditions of your pet.

Rous says the best way to avoid this situation is by getting pet insurance for your pet when they are young, rather than waiting for them to experience a condition that prompts you to take out insurance for any possible future events.

Common Exclusions

When comparing comprehensive pet insurance policies in Australia, a few common exclusions became evident. A major exclusion, unfortunately, is routine care: this being regularly required vet or grooming visits such as vaccinations, de-sexing, de-worming and the like.

Many policies offer routine care as an add-on to their comprehensive policy, meaning you can have it included in your pet insurance–just at an extra cost. Any pet insurance policy that does include routine care automatically was ranked highly by Forbes Advisor, and has been reflected in the above list.

Additional exclusions that are common to find in pet insurance policies are dental care; senior dog cover; and emergency boarding cover if your pet requires boarding unexpectedly due to you being hospitalised or otherwise incapacitated.

It’s always essential to carefully read your pet insurance policy’s product disclosure statement (PDS) to ensure you are aware of any exclusions or conditions. You can read more in our guide to pet insurance coverage.

Related: Is Pet Insurance Worth It In 2024?

Just like with your own health insurance, it’s hard to know what type of things you’re going to need cover for–so how do you choose a pet insurance policy?

Ultimately, it’s best to find the most comprehensive policy to make sure you’re covered no matter what your pet may experience. If your pet does have a pre-existing condition, or is over a certain age, then it is paramount you also check that your policy will still cover them in times of need.

You should also consider any general policy exclusions and sub-limits, any additional benefits you might be entitled to, and what–if any–waiting periods apply.

Of course, a major consideration of any pet insurance policy is whether you can afford it. Just like veterinary bills, pet insurance isn’t free–but it can save you a lot of money and stress if your pet needs care.

Find a policy which fits into your budget by making sure you can pay the monthly premium, and make sure you ask at your local vet if they have any discounts with certain providers, too.

Data research by Mia Dunn